Keywords:

“It’ll be much more gratifying for me to hear people say, when I retire, that Deutsche Bank is in good shape.”
Josef Ackermann describing how he wants his legacy to be viewed.

The following are notes from our Monday morning meeting.


HSBC is selling its general insurance business in Hong Kong, Singapore, Argentina and Mexico to AXA and Australia’s QBE Insurance for $914m in cash to further shed non-core assets.

Bank of America Merrill Lynch has named Matthew Koder as its Asia-Pacific president, replacing Brian Brille who will become chairman.

BNP Paribas is selling over half its stake in real-estate firm Klepierre for a $2b capital gain, while the Bank of Spain has sold nationalised Unnim to BBVA for a symbolic €1.

Uganda has returned Tropical Bank to the control of majority shareholder Libyan Foreign Bank following the lift of UN sanctions against Libya.

Rabih Soukarieh has been named the new acting CEO of Bahrain's United Gulf Bank as the incumbent Mohammed Haroon retires.

ANZ has become the first Australian bank to be licensed to use Renminbi for retail operations in China.

Nomura Holdings has announced the establishment of a China Committee, India Office and ASEAN office to support its Asian expansion.

Ranjit Ajit Singh becomes the new chairman of Malaysia’s Securities commission, replacing Zarinah Anwar.

ICICI Bank, Bank of Baroda, Life Insurance Corp and Citigroup have signed a MOU to set up India’s first, $2b infrastructure development fund.

Westpac has replaced Rob Chapman with George Frazis as CEO of its subsidiary St George Bank.